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Annual Turkish M&A Review 2014

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Annual Turkish M&A Review 2014 Annual Turkish M&A Review 2014 January 2015 Basis of Presentation Transactions data presented in this report are based on information that is readily available in the public domain and include transactions with closing procedures still ongoing at the year end. This study does not include capital market transactions, IPOs, real estate sales, intra-group share transfers and transactions of financial institutions within the framework of debt restructuring. We do not accept any responsibility as to the accuracy or completeness of the data or as to whether all transactions listed herein will necessarily close. Foreword Despite many challenges in the political and economic environment in 2014, investors maintained their confidence in the Turkish market. Driven by big-ticket privatizations and lively middle market activity, annual mergers & acquisitions volume was around US$21 billion with 236 deals, broadly similar to recent years. The contribution of privatizations to total deal volume was at an all-time high while foreign investors, though still not as prominent as in earlier years, increased their deal volume by 54% compared to 2013. Looking ahead to 2015, liquidity concerns for Başak Vardar emerging markets, upcoming general elections Financial Advisory Services Leader and diminishing growth expectations may signal Partner a difficult period for the Turkish M&A market. Nevertheless, given the growing middle market, persistent private equity activity and foreigners’ appetite in a wide range of industries, we are confident that the market will retain its long-term attractiveness. On behalf of our corporate finance team in Deloitte Turkey, we are delighted to share our annual Turkish M&A review, featuring our analyses and views regarding the M&A market here. 1 Resilient M&A activity in a difficult environment Despite the unfavourable geopolitical and economic environment, investors maintained their confidence in the Turkish market. Total M&A deal volume in 2014 was around US$21 billion with 236 transactions. Privatizations and middle market deals were the two drivers of overall deal volume. Foreign investors and private equity firms remained highly interested but cautious. As an emerging market dependent on external Out of 236 deals, 89 had a disclosed deal value finance, exporting to Europe but also bordering adding up to c. US$15.8 billion. Considering the Syria, Turkey faced more than its fair share of estimated value of deals with undisclosed values, challenges in 2014. However the level of Turkish we estimate that total M&A volume was around mergers & acquisitions activity remained resilient, US$21 billion in 2014, representing a growth of largely thanks to the depth of investor interest and 20% compared to 2013. The characteristics of the continued dynamism of the middle market. the market were very similar to the previous year: privatizations had a substantial impact on the total deal volume while the vitality in the middle market was the main driver of the overall M&A activity. Privatizations made their highest contribution ever to the annual deal value, representing 41% of the total with US$8.6 billion through 12 transactions. 2 Privatization of Milli Piyango, the long-awaited US$39 million. 179 transactions each with a deal tender for the operating rights of the national value less than c. US$50 million, which accounted lottery monopoly for a consideration of US$2.8 for 76% of the total deal number, represented billion, comprised by itself 13% of the total deal only c. 12% of the total deal value, indicating the value. Other privatization deals included some vivacity of the small and middle market. major energy and port assets which were also among the largest transactions of the year. Financial investors’ deal volume was around US$2.1 billion through 36 transactions, that The share of foreign investors in the annual deal corresponded to 10% of the total deal volume volume was again modest at a level of 38% (US$8 and 15% of the total number of deals. Private billion) with 113 transactions, as they were largely equity firms, although more selective now, absent from the big privatizations. Yet, those continued to be active through new acquisitions, investors drove the private sector transactions in add-on investments and exits. many industries and made up 65% of the private sector deal value, representing year-on-year Due to upcoming general elections in Turkey growth of 54%. BBVA’s minority stake acquisition and lower growth prospects for emerging in Garanti Bank for c. US$2.5 billion was recorded markets generally, we expect 2015 could be a as the largest private sector transaction of 2014 difficult year. Nevertheless, we are confident that and the 3rd largest overall. Turkish investors, on investors will remain keen on exploring investment the other hand, represented the remaining 62% opportunities here and investing in Turkish assets of the annual deal volume through 123 deals as they believe in the long term growth potential with a total deal value of US$13 billion (including of this country. estimates for undisclosed values), one of the highest levels historically. The ten largest transactions comprised c. 58% of the total deal volume (including estimates for undisclosed values) in 2014. Excluding those 10 deals, the remainder (226 deals) totalled c. US$8.8 billion, corresponding to an average deal size of c. 3 At a glance Year 2010 2011 2012 2013 2014 Deal Number 190 237 253 215 236 Deal Volume US$17.3 billion US$15.0 billion US$22.0 billion US$17.5 billion US$21 billion Privatizations / US$2.9 billion / US$1 billion / US$6.4 billion / US$6.6 billion / US$8.6 billion / Share in Total 17% 7% 29% 38% 41% 60% 74% 59% 30% (*) 38% (*) Foreign Investors of deal value of deal value of deal value of deal value of deal value 5% 8% 7% 12% 10% Financial Investors of deal value of deal value of deal value of deal value of deal value Average Deal Size (**) c. US$91 mn c. US $63 mn c. US$87 mn c. US$81 mn c. US$89 mn Share of Largest 10 61% 56% 71% 49% 58% Deals in Total Volume US$5.8 bn US$3.8 bn US$1.7 bn (Toroslar US$2.8 bn Largest Deal Value / US$2.1 bn (Garanti Bank) / (Denizbank) / Electricity Disco) (Milli Piyango) / Share in Total (Genel Enerji) / 14% 34% 17% / 10% 13% Note: Data presented above include estimates for deals with undisclosed values and are adjusted for cancelled transactions. (*) Excluding privatizations, foreign investors’ share in the remainder of the deal value was 47% and 65% in 2013 and 2014, respectively. (**) Excluding the top ten deals, the average deal size of the remainder was c. US$37, c. US$29, c. US$26, c. US$44 and c. US$39 million in respective years. 4 Deal Volume and Deal Number Deal Volume and Deal Number 30 300 253 25 237 250 236 215 20 190 200 ) n o i l l i b 15 150 $ S U ( 101 22,0 10 21,0 100 17,3 17,5 15,0 5 50 5,2 0 0 2009 2010 2011 2012 2013 2014 Deal Value Deal Number 5 Privatizations Privatizations were a major driver of the total The long-awaited privatization of the national annual volume: 41% of the total, a higher lottery, Milli Piyango, was won by a Turkish percentage than in any other recent year. A consortium for a total consideration of US$2.8 busy agenda, comprising various strategic assets billion, the largest deal of the year. This transaction in services, infrastructure and energy, boosted alone comprised c. 13% of the total deal volume. the total privatization volume to US$8.6 billion through 12 deals. In addition to the Privatization Energy assets were once again on the stage but Authority, the Savings Deposit Insurance Fund mainly with major thermal plants this time and (SDIF) tendered 2 companies, which in total had a formed another c. US$4.7 billion, representing deal value of c. US$0.4 billion. 22% of the total annual volume. As has become the usual pattern, Turkish groups continued to be the dominant investors in privatizations, which is the main reason for their high share of total deal volume in 2014. PPrivatizationsrivatizations 30 45% 41% 40% 25 38% 22,0 35% 21,0 20 30% 29% 17,3 17,5 23% 25% ) 15,0 n o 15 i l l i 20% b $ S 17% U ( 10 8,6 15% 6,4 6,6 5,2 10% 5 2,9 7% 5% 1,2 1,0 0 0% 2009 2010 2011 2012 2013 2014 Total Deal Value Privatizations Ratio to Total Deal Value (%) (1) Figures above do not include SDIF sales 6 Privatizations Deal Value Acquirer Origin Target Sector Stake (US$ million) Net Şans; Hitay Holding Turkey Milli Piyango Services 100,0% 2.755 IC İçtaş Enerji Turkey Yeniköy and Kemerköy Thermal Energy 100,0% 2.671 Power Plants Bereket Enerji Turkey Yatağan Thermal Power Plant Energy 100,0% 1.091 Tek-Art (Koç Holding) Turkey Fenerbahçe - Kalamış Marina Infrastructure 100,0% 664 Safi Katı Yakıt San. ve Tic. A.Ş. Turkey Derince Port Infrastructure 100,0% 543 Çelikler İnşaat Turkey Orhaneli and Tunçbilek Thermal Energy 100,0% 521 Power Plants Bereket Enerji Turkey Çatalağzı Thermal Power Plant Energy 100,0% 350 Veysi Madencilik Turkey Kayaköy Hydro Electric Power Plant Energy 100,0% 10 Cem Veb Ofset Turkey 5 Hydro Electric Power Plants Energy 100,0% 9 Ordu Yardımlaşma Kurumu Turkey Oyak İnşaat A.Ş. Construction 25,0% 6 Ülke Yatırım Araştırma Geliştirme Turkey Dere and İvriz Hydro Electric Power Energy 100,0% 2 Plants Metek Hidro Enerji Sanayi ve Turkey Esendal Işıklar Hydro Electric Power Energy 100,0% 2 Ticaret A.Ş.
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